This blog is about struggles for the control of corporations. For the most part, I'll focus on public corporations headquartered in the United States, issuing securities according to the rules stipulated by the SEC in Washington and (typically) governing their affairs by the laws and judicial decisions of the state of Delaware.
My own prejudices are ... well, I think I'll let you work them out as we proceed day to day.

Tuesday, July 6, 2010

Situation Awareness???

Right off of PRNewswire recently, I see a story about an agreement settling a proxy contest involving Ezenia! Inc. (OTC BB: EZEN).

What caught my attention is the release's description of the business that Ezenia-with-exclamation-point is in. It is a "leading market provider of situation awareness." Doesn't "situation awareness" sound a bit too much like a new age therapy?

Anyway, its a biz-software goal.

So, for the record, the annual meeting (which will now, given the agreement, be a love fest) is scheduled for July 26. The now-mollified dissenters were a stockholders' group led by North & Webster, a value fund, and N&W has agreed to withdraw its shareholder nominations. It will "cease all efforts to nominate or elect its nominees to the Ezenia! Board of Directors in connection with the 2010 annual meeting."

What did N&W get in return for its amiability? It will "have the right to appoint Samuel A. Kidston or another nominee to the Board in January 2011 in the event that Ezenia! does not meet the revenue and operating income targets in its operating budget for fiscal year 2010."